Executive assistants are the unsung heroes of the corporate world. They are the ones who keep the wheels of business turning smoothly, managing the day-to-day operations of the office, and ensuring that everything runs like clockwork. But how much does an executive assistant earn? What factors influence the salary of an executive assistant? Let’s delve into the nitty-gritty of executive assistant salaries, drawing on data from reputable sources such as the U.S. Bureau of Labor Statistics (BLS), Glassdoor, and Payscale.
According to the BLS, the median annual wage for executive secretaries and executive administrative assistants was $61,550 in May 2020. This means that 50 percent of executive assistants earned more than this amount, while the other half earned less. The lowest 10 percent earned less than $38,880, and the highest 10 percent earned more than $90,030.
However, these figures are just averages. The actual salary of an executive assistant can vary greatly depending on several factors. One of the most significant factors is the industry in which they work. For instance, executive assistants in the financial sector or technology industry tend to earn more than those in the education or non-profit sector.
Geographical location also plays a crucial role. For example, executive assistants working in states like New York, California, and Massachusetts, which are known for their high cost of living, often earn more than their counterparts in other states. According to Glassdoor, the average base pay for executive assistants in New York is $70,000 per year, while in California, it’s $65,000 per year.
Experience and skill set are another major determinants of an executive assistant’s salary. Those with several years of experience under their belt and a wide range of skills, including proficiency in software like Microsoft Office Suite, project management, and event planning, can command higher salaries.
Furthermore, the size of the company and the executive level of the person the assistant is supporting can also influence the salary. Executive assistants to CEOs or other high-ranking executives at large corporations are likely to earn more than those supporting lower-level executives at smaller companies.
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It’s also worth noting that many executive assistants receive benefits in addition to their base salary. These can include health insurance, retirement plans, paid time off, and sometimes even bonuses or profit sharing. According to Payscale, the average bonus for executive assistants in the U.S. is around $3,000.
In conclusion, while the salary of an executive assistant can vary greatly depending on a variety of factors, they are generally well-compensated for their critical role in the smooth running of businesses.
FAQs:
1. What is the average salary of an executive assistant in the U.S.?
According to the U.S. Bureau of Labor Statistics, the median annual wage for executive secretaries and executive administrative assistants was $61,550 in May 2020.
2. What factors influence the salary of an executive assistant?
Several factors can influence the salary of an executive assistant, including the industry, geographical location, experience and skill set, the size of the company, and the executive level of the person they are supporting.
3. Do executive assistants receive benefits in addition to their base salary?
Yes, many executive assistants receive benefits such as health insurance, retirement plans, paid time off, and sometimes even bonuses or profit sharing.
4. Which states pay the highest salaries for executive assistants?
States with a high cost of living, like New York, California, and Massachusetts, often pay higher salaries to executive assistants.
5. Does the size of the company affect the salary of an executive assistant?
Yes, executive assistants at larger corporations generally earn more than those at smaller companies.
